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PLURALITY RULE: A voting rule in which decisions are made based on a plurality of the votes cast. A plurality is defined as the most votes obtained when more than two candidates or options exist, but none receives a majority. If, for example, two of three candidates running for office receive 33 percent of the vote, then the third candidate with 34 percent receives the plurality. Presidential primary elections, which can have up to a dozen candidates, are commonly won with a plurality of the votes. This is one of several voting rules. Others include majority, super majority, and unanimity.
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MARGINAL REVENUE, MONOPOLY The change in total revenue resulting from a change in the quantity of output sold. Marginal revenue indicates how much extra revenue a monopoly receives for selling an extra unit of output. It is found by dividing the change in total revenue by the change in the quantity of output. Marginal revenue is the slope of the total revenue curve and is one of two revenue concepts derived from total revenue. The other is average revenue. To maximize profit, a monopoly equates marginal revenue and marginal cost.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area wanting to buy either a set of tires or a birthday gift for your grandfather. Be on the lookout for malfunctioning pocket calculators.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"If we all did the things we are capable of doing, we would literally astound ourselves." -- Thomas Edison
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AV
Actual Value
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